A private equity firm has made a takeover bid for iSelect.

US-based Providence Equity Partners presented an indicative, non-binding and conditional proposal to acquire all the comparison website’s shares via a scheme of arrangement last week.

iSelect’s board says there is no certainty the bid will result in a binding offer, or that it will recommend the offer to shareholders.

The board is providing Providence with a “preliminary level of due diligence” and access to senior management, in a process expected to take several weeks.

It says if the offer does not proceed it will implement a range of capital management initiatives, including an on-market buyback.

Goldman Sachs and Morgan Stanley are advising iSelect in relation to the bid, while law firm Gilbert & Tobin is providing legal advice.

iSelect reported a 54% rise in net profit in the year to June 30, with revenue up 31% to $157.2 million.

At the same time, iSelect also announced the resignation of CEO Alex Stevens, who “has chosen to pursue new career opportunities”.

Mr Stevens held the position for 18 months.

Stepping into the post is commercial director Scott Wilson, who joined iSelect in 2013 and was responsible for securing multi-distribution agreements with Nib, HBF and GMHBA.

Shares in iSelect have jumped almost 20 cents to $1.70 since the takeover bid was announced.